Pran Agro, one of Bangladesh’s largest corporations in the food and agricultural sector has issued a non-convertible and redeemable bond worth Tk 210 crore, the equivalent to $25 million, with 100 percent credit guarantee from an international company.
GuarantCo, a concern of Private Infrastructure Development Group (PIDG), has given the credit guarantee to the bond. This is the first time a global company has provided 100 percent credit guarantee on-demand.
The country’s leading insurance company MetLife insurance subscribed to the bond making it the first-ever global insurance company in Bangladesh to invest in a bond. Green Delta Company has acted as the trustee and security agent of the bond.
The seven-year fixed coupon bond is the first-ever instrument of its kind in Bangladesh and is expected to play a transformational role in supporting alternate sources of infrastructure financing in Bangladesh.
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